Managing the MLRO and AMLCO: Oversight, Accountability and Risk

The roles of the Money Laundering Reporting Officer (MLRO) and Anti-Money Laundering Compliance Officer (AMLCO) carry significant responsibility. But appointing individuals to these positions is only part of the picture. Firms also need to understand how the functions should operate, how they should be overseen and where responsibility ultimately sits.

In this session, Justine Plenkiewicz and Elisabeth Lees will examine the responsibilities of the MLRO and AMLCO and what effective performance of these roles looks like in practice.

The discussion will explore:

·   The respective responsibilities of the MLRO and AMLCO

·   Oversight of the MLRO without undermining the independence of the role

·   SAR decision-making and what happens when management disagrees

·   The role of the Deputy MLRO

·   Common pitfalls, including weak escalation, documentation, authority and access to information

·   Outsourcing arrangements and how accountability should be managed

·   The potential administrative and criminal liability faced by MLROs and AMLCOs

The session will also consider the relationship between the MLRO, AMLCO, senior management and the governing body, including how firms can demonstrate that these important control functions are operating effectively.

Designed for MLROs, AMLCOs, compliance professionals, directors and senior management, the webinar will provide a practical examination of oversight, accountability and risk across these key AML functions.